Supply chain operations are becoming more and more optimized using blockchain technology. Supply chain efficiency is significantly increased, and fraud is decreased through real-time tracking and verification of a product's origin and journey. Due to this, more companies are taking advantage of blockchain's potential to transform supply chain management, which is driving the technology's advancement. Additionally, the growing interest in cryptocurrencies and digital assets is another factor driving the blockchain market expansion.
WESTFORD, Mass., July 31, 2025 /PRNewswire/ -- SkyQuest Technology Consulting published a report, titled, Blockchain Market- Global Opportunity Analysis and Industry Forecast, 2025-2032", valued at USD 9.27 Billion in 2024. With a projected CAGR of 37.7% from 2025 to 2032, the market is expected to reach USD 119.83 Billion by the end of 2032. This growth is attributed to rising demand for secure and transparent transactions across several industries.
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Blockchain Market Dynamics:
The increasing popularity of virtual currencies like Bitcoin and Ethereum has inevitably brought a lot of attention to blockchain technology, which is the foundation of most cryptocurrencies. As more companies investigate how blockchain technology might be used to create and manage digital assets like Central Bank Digital Currencies (CBDCs), the market is expanding. The increasing need for secure and efficient international payments, and remittances is another factor propelling the adoption of blockchain technology. Traditional international payment systems usually use several middlemen, which causes delays and exorbitant fees. On the other hand, because blockchain-based solutions offer faster, more economical, and transparent cross-border transactions, the finance and remittance sectors are embracing them.
Governments and regulatory organizations globally also recognize the transformative potential of blockchain technology. They are actively passing legislation, and regulations to encourage its widespread use. This regulatory clarity not only attracts significant investments but also stimulates the development of innovative blockchain solutions for a range of industries. Furthermore, the increasing participation of large corporations and tech giants has a significant impact on the blockchain landscape.
Recent Developments in Blockchain Market
- In February 2025, Oracle and Quant announced a collaboration to promote the development of digital assets, after the launch of the Oracle Blockchain Platform Digital Assets Edition (OBP DA). To facilitate the development and implementation of digital asset applications that generate unified ledgers, an enterprise-level solution known as OBP DA was developed.
- In December 2024, QANplatform and IBM Corporation formally announced their business partnership. Through the collaboration, QANplatform introduced the QAN Q-Cluster, a tamper-resistant, self-auditing system that combines AI-based log anomaly detection with a quantum-proof blockchain mechanism.
- In August 2024, Google DeFi (decentralized finance) added the Oracle Blockchain network Gora to its Web3 program. By connecting blockchains to conventional systems and to each other, Oracles bridges the gap by supplying external data. Furthermore, the blockchain oracle network has been suggested as a communal partner for TOKEN2049 Singapore 2024.
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Major Challenges in Blockchain Industry
The lack of clear and consistent regulations across different jurisdictions is one of the major challenges the blockchain industry faces. The inter-jurisdictional disparity in digital identification, data privacy laws, and cryptocurrency law acts as a barrier in the smooth utilization of blockchain technology across borders. More than 60% of blockchain firms in the EU reported in 2024, that growth was hindered owing to uncertainty in how to comply with existing laws. This legislative non-homogeneity will only gradually advance mainstream integration, into society and will continue to deter investment until 2025.
In addition, problems with scalability and an enormous energy footprint are still, in essence, issues haunting blockchain networks, particularly public facing, such as Bitcoin and Ethereum. Until 2024, Bitcoin will process only seven transactions per second, whereas Visa will be thrumming with processing upwards of 24,000 transactions. Hence this thinning trailed behind yet the plastering of traditional methods. Furthermore, high energy consumption operations keep receiving criticism, although proof-of-stake blockchains are being favored more and more. This puts into question the sustainability of the technology and, until 2025, might refute the green organizations that are willing to embrace it.
Competitive Landscape:
Companies like IBM, Microsoft, Oracle, and ConsenSys are at the forefront of the blockchain market. IBM is an authority on blockchain technology for companies, particularly those in the supply chain and finance industries. For decentralized apps, Microsoft has integrated blockchain technology with Azure. Most of the Oracle's Blockchain Cloud Services are used in logistics and healthcare. ConsenSys facilitates the operation of Ethereum-based solutions and developer tools. DeFi, interoperability, and tokenization strategies are more appealing to emerging businesses than partnerships and blockchain-as-a-service (BaaS) offerings, which help disseminate the technology globally and differentiate businesses from rivals.
The major players in the Blockchain industry include,
- IBM Corporation
- Microsoft Corporation
- The Linux Foundation
- Blockchain Tech LTD
- Chain
- Circle Internet Financial, LLC
- Deloitte Touche Tohmatsu Limited
- Digital Asset Holdings, LLC
- Global Arena Holding, Inc. (GAHC)
- Monax Labs
- Ripple
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Blockchain Market Segmentation:
The global blockchain market is segmented into blockchain layers, component, providers, type, organization, application, end user, and region. By blockchain layers, the market is classified into layer 0, layer 1, layer 2, and layer 3. Depending on component, it is divided into platforms/software, hardware, services, development & integration, support & maintenance, and managed services. According to providers, the market is categorized into application provider, infrastructure provider, and middleware provider. As per the type, it is segregated into private, public, and hybrid. Based on the organization, the market is divided into government, SMEs, and large enterprises. Based on application, it is fragmented into supply chain management, cryptocurrencies, financial services, smart contracts, internet of things, and gaming. Depending on end user, the market is categorized into BFSI, healthcare & life sciences, media & entertainment, retail & eCommerce, manufacturing, transportation & logistics, IT & telecom, real estate & construction, energy & utilities, and agriculture & food.
- By blockchain layer, in 2024, the majority of the blockchain market was composed of the first layer, or Layer 1. It served as the foundation for popular blockchain protocols like Solana, Ethereum, and Bitcoin. These networks enable the use of smart contracts, consensus-building, and business transactions. With the growth of decentralized finance (DeFi), NFTs, and dApps, Layer 1 networks are becoming more and more important for scalability and reliability.
- By component, as so many companies were utilizing blockchain frameworks and tools, platforms and software accounted for the largest portion of the component market in 2024. Businesses can create and utilize their own blockchain applications using Hyperledger Fabric and Ethereum Virtual Machine. Platform investments are still being driven by the increasing need for safe and adaptable dApps.
- By provider, as infrastructure providers provided the processing power, nodes, and APIs required to set up blockchain networks, the segment dominated the market in 2024. Scalable backend services, which are essential for decentralized apps to function, were provided by companies like Infura and Alchemy. Strong blockchain infrastructure is now even more necessary thanks to Web3 and metaverse applications.
- By type, in 2024, public blockchains were the most widely used kind due to their decentralized nature, accessibility, and ease of use by people worldwide. They are widely used for cryptocurrency trading, NFT creation, and open-source governance. More users of DeFi platforms and DAO ecosystems continue to propel this sector's growth.
- By organization, due to financial and material resources, large corporations are the ones who used blockchain the most in 2024. Technology is being used to increase efficiency and trust in a number of industries, including healthcare, finance, and supply chain management. These businesses also collaborate with tech companies to integrate blockchain technology into their outdated systems.
- By application, supply chain management emerged as the most popular application of blockchain in 2024. Fraud prevention, real-time tracking, and item recovery were among its uses. Blockchain is used by industries like electronics, food, and pharmaceuticals to ensure that products are authentic and to reduce the risk of counterfeiting. Two companies that are still growing their blockchain-based supply chain pilots globally are IBM and Walmart.
- By end user, being among the first to implement blockchain technology for safe transactions and smart contract execution allowed BFSI to maintain its lead over the end-user market in 2024. Blockchain is being used by banks and fintech companies for digital identification, KYC, and cross-border payments. This trend is being driven by the need for greater automation, security, and transparency in financial services.
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Regional Insights
North America had the largest blockchain market in 2024 due to early adoption by industries like BFSI, healthcare, and logistics. Due to investments made in enterprise-grade blockchain systems by major IT firms like IBM, Microsoft, and Oracle, the US continues to lead. More people are using digital assets and data thanks to regulatory changes that increase their transparency. Government initiatives that support the industry's expansion include blockchain pilots for identity management and supply chain security.
Asia-Pacific emerged as the blockchain market's fastest-growing region in 2024, due to aggressive government initiatives and rapid digitization. Blockchain is being used in financial services, government, and commerce in nations like China, India, Singapore, and South Korea. For example, blockchain has begun to be used more in India's digital identity and property registration projects. Additionally, the region is home to many tech-savvy people, and more capital is being invested in blockchain enterprises and infrastructure.
Europe maintained its leadership position in the blockchain industry in 2024 due to widespread usage and well-defined regulations. Businesses in a variety of industries were encouraged to use blockchain by the EU's Markets in Crypto-Assets (MiCA) framework, which also gave investors more confidence. Blockchain is increasingly being used in manufacturing, energy trade, and logistics in nations like the Netherlands and Germany. By testing blockchain for smart contracts and cross-border transactions, European banks are also accelerating the technology's adoption in the region.
In the Latin America, Middle East, and Africa (LAMEA) region, blockchain technology gained popularity in 2024, particularly for open government, identity verification, and digital payments. Blockchain is being considered for voting and land rights in nations like Brazil and South Africa. However, infrastructure issues and regulatory ambiguity still make large-scale implementation challenging. Despite this, regional investments in blockchain-based fintech solutions are being driven by the need for financial inclusion and the rise in mobile penetration.
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About SkyQuest Technology Consulting
SkyQuest Technology Consulting is a leading Strategy Consulting and Market Research firm, provides syndicated as well as customized research reports and growth consulting services, trusted by CXOs from Fortune 500 Companies, Start-ups, and MSMEs. The company comprises a team of expert research analysts and consultants, adding more than 1200 market research reports in our database each year. These reports offer in-depth analysis on 40+ industries & sub industries across 25 major countries worldwide, serving global clients across diverse industries. The company specializes in delivering customized intelligence, data-driven insights, and strategic advisory services that enable businesses to stay competitive and make informed decisions in rapidly evolving industries.
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